agnion Wins Waste Management As New Investor
- North America's largest recycler concludes financing round
- New investor paves the way for agnion in the U.S. market
Pfaffenhofen, Germany, 12.05.2011. agnion Energy Inc., a pioneer in the field of converting biomass into Synthetic Natural Gas (Bio-SNG), electricity and heat in decentralized plants, has concluded a new round of financing with WM Organic Growth, Inc., a member of the Waste Management Group. This broadened agnion's circle of prominent investors; up until now, the Kleiner Perkins Caufield Byers, Munich Venture Partners and Wellington Partners venture capital firms had already invested.
With 20 million customers and revenues of US$ 12.5 billion in fiscal 2010, America's largest recycler is highly selective in making investments in young technology companies that offer great growth potential, and affords them access to its network. This will open up hundreds of potential locations in North America for agnion to build and operate its decentralized plants forgenerating Bio-SNG, electricity and heat.
agnion CEO Dr. Stephan Mey notes: "We view the fact that North America's largest recycler has decided to invest in agnion and our Heatpipe-Reformer technology as a tremendous honor and as an incentive. We are now going to swiftly build further plants in Europe and North America; the first commercial biomass gasification plant that is currently under construction in theBavarian town of Grassau is only just the beginning. Waste Management's experience will help us in opening our technology to use lower-grade fuels."
By investing in young technology leaders, Waste Management is tapping into the markets of the future. Its portfolio includes Enerkem and S4 Energy Solutions, whose technologies enable wastes to be transformed into valuable resources, as well as biofuel specialist Terrabon. TimCesarek, Managing Director of the company's VC unit, WM Organic Growth Inc., and a future member of the agnion board, sees enormous potential in this new investment: "Heatpipe-Reformer technology is unrivaled. It enables Bio-SNG, electricity and heat to be generated decentrally – and it can all be done at competitive costs. I'm convinced that the time has now come for a broad-based rollout of this technology. Together with Waste Management, it will be considerably easier for agnion to enter the U.S. market, in particular. That's why I'm so enthusiastic about our collaboration with management."
About agnion
Formed in 2007, the company today employs a workforce of more than 30 people and is a pioneer in the field of converting biomass into heat and power in decentralized plants. agnion utilizes its patented Heatpipe-Reformer technology, which enables wood-based biomass to be converted into synthetic gas at competitive costs and with a significantly higher efficiency factor than in the case of conventional processes. The decentralized plants can both produce Synthetic Natural Gas (Bio-SNG) as well as support heat and power cogeneration. Thanks to their size, they are ideal for environmentally benign processing of local biomasses. Since 2007, agnion's technology edge and the fast-growing market for biomass have convinced prominent investors Munich Venture Partners, Kleiner Perkins Caufield Byers, Wellington Partners, and now Waste Management, to invest in agnion.
SOURCE: agnion Energy Inc.